East St. Louis Going Bankrupt

quincunx · PostOct 30, 2015#12015-10-30T18:37+00:00

Looks like they're heading towards insolvency. Scary

Stl American - Tentative agreement announced in East St. Louis teachers strike; city's budget in trouble

The move would add to the city’s growing debt — a deficit budget director Egzabia Bennett projects will reach $11 million by 2019. The deficit is currently hovering around $6.5 million.

He said the city needs to file for bankruptcy so that it can renegotiate contracts into a form East St. Louis can afford.

http://www.stlamerican.com/news/local_n ... bcbd1.html

jstriebel · PostOct 30, 2015#22015-10-30T19:10+00:00

Would it be the worst thing in the world if they did? Detroit seems better off now than they were just before bankruptcy. Could Bankruptcy actually be the start of an ESL comeback?

urban_dilettante · PostOct 30, 2015#32015-10-30T19:13+00:00

^ maybe, but Detroit is/was a "too big to fail" scenario. i doubt that's the case for E STL.

bprop · PostOct 30, 2015#42015-10-30T20:00+00:00

I had no idea East St. Louis wasn't already insolvent.

shimmy · PostNov 03, 2015#52015-11-03T20:50+00:00

^Yeah, I've assumed that they have been way past broke for decades.

wabash · PostNov 03, 2015#62015-11-03T21:11+00:00

Detroit wasn't too big to fail. It did fail - biggest municipal bankruptcy in American history.

urban_dilettante · PostNov 03, 2015#72015-11-03T21:45+00:00

^ i just mean that there is more incentive for Detroit to recover from insolvency than for East. St. Louis to recover due to Detroit's relative size and influence.

quincunx · PostNov 19, 2015#82015-11-19T04:46+00:00

StL American - Anarchy in ESL

As of October 28, the East St. Louis Police Department temporarily lost eight police officers due to budget cuts designed to balance the budget. However, the coverage on Halloween night was deplorable, with only one police officer on patrol for the entire city.

http://www.stlamerican.com/news/columni ... d94c4.html

PostDec 06, 2016#92016-12-06T05:16+00:00

KMOX - East St. Louis Corruption Investigation Leads to Arrests

http://stlouis.cbslocal.com/2016/12/05/ ... o-arrests/

BND - Nine face corruption charges, including ESL councilwoman, Board of Review member

http://www.bnd.com/news/local/article118959858.html